In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), &quot;Audits of States, Local Governments, and Non-Profit Organizations,&quot; nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.